CM Trade

Download APP to receive bonus

GET

AUDUSD: high order

2023-01-30
909
Fundamental analysis:

The Australian dollar remained volatile around 0.71129 against the US dollar. After Australia's CPI unexpectedly rose in the fourth quarter this week, the conditions for the RBA to further raise interest rates in the next few months have been met. The RBA is expected to continue raising the official cash rate (OCR) in 2023, peaking at 3.85% in May this year. However, global supply pressures are likely to ease significantly in 2023, with headline inflation in Australia falling to 3.7% by the end of the year.

Australian dollar AUDUSD - 4-hour K-line chart shows:



Brief technical analysis:

4-hour chart: high short-term narrow-range consolidation, the market struggles with high-level range fluctuations, and there is no direction guidance in the short term. The MACD index is in the bullish area and moves down, and the RSI index is hovering weakly above the 50 balance line;

Long-short turning point: 0.71083

Suppression: 0.71344, 0.71510
Support: 0.70932, 0.70768

Trading strategy: Bullish above 0.71083, target 0.71344, 0.71510
Alternative strategy: bearish below 0.71083, target 0.70932, 0.70768

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More